OfflineHi everybody,
I don't usually post my deals but there seems to be alot of people on here lately that seem to be drowning. As Anita said, you have to read the books, you have to get up off the couch and take action, the deal fairy isn't going to drop by your house and give you a remarkable deal and a check. YOU HAVE TO WORK AT IT. I live in WY Gillette WY the coal capital, we are lucky we have employment here, but with that our prices remain high maybe not what you big city kids would say is high but what us farm kids consider high. I just locked up two houses subject to right here where I live within 2 days of each other. No money out of my pocket, for what the owners owed on them. I advertized the first one as low down lease option at 1400 per month. I will cash flow 350 per month on this one. If I have a cash buyer come to the table I can make around 10K. The other one I advertised the same way I bought it subject to for 10K, with a cash buyer I will make around 5-7K. On a lease option I will cash flow 550 a month. I have 3 showings tomorrow. I expect to have these done and either sold by lease option or cash within a week. That a pretty good hourly wage. Everything I know about realestate I learned from Dean's books and the DG family. Have I lost deals yes I have, have I lost deals that cost me money yes I have will I lose another deal that costs me money no I won't. It is all part of the learning process. But nobody outlines it better than Dean does and as Anita said before use the search box u have a huge amount of resources at your disposal. Don't let this time pass u by my friend, it is the bright shiney brass ring grab on and ride.
Here's to your success in 2010.
Donna
Nice job Donna on the post and on your deals. Your comments come at the right time for some on this sight I think.
Keep up the great work, and best of luck lease optioning/selling your homes.
Cathy
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Can you explain a little more on your deals how did you pick these properties up sorry I'm A new beee but I want to learn this process and im hearing alot about it so please explain alittle more if you can Thanks Philbenice
I am working on my buyer list and my tenant list. I have my team in place. but I am still working on that first deal. Its hard work but I'm having fun with it.
DG FAMILY go out and have some fun with it.
Angie
Angie
May each day get better
The homeowners were moving and didn't want to wait for the house to sell the tradtional way. They just wanted out. They got my name from the postcard I made from Dean's book BARM, my husband had hung one out on the bullentin board at his work, but I have them everywhere in town. I get alot of these type deals. I explained to the seller what I do. I take over there exsisting contract for the amount left on there note and my only promise is to pay their mortgage each and every month. They sign a quit claim deed to the property while the mortgage remains in there name. I always try to find a cash buyer first while advertizing the property as a lease option. The deposit is non refundable if they default or fail to exercise the option at the end of two years. I work with them to build their credit so at the end of two years they can qualify for a mortgage. I also give them a 100 credit towards the down payment if they pay on time. I set up escrow with a local bank so all payments are recorded and I have a seperate account for each house that holds the down payment and the additional credits if any. With the tightening of the banking industry many people do not qualify for a loan, this allows them to have home ownership and build credit. Greg Murphy is actually the king in this type of deal, but I learned this method from Dean in BARM. Read the books and follow them step by step, the methods work. You have to know you can cover the mortgage if the renter doesn't, but if the renter fails to perform I only give them 20 days and then I start the eviction process and I cover all that in my leaseoption contract. I print my contracts right off of this site and make changes where necessary. Anytime I make a change my attorney reviews it to make sure it is within the laws of WY. I hope this helps. Read Read and Re Read Dean's books.
Take Care
Donna
You go girl, you will be amazed once you have the first one pretty soon you are working on deal no 100. And once your name is out there the deals really do just start coming to you. Reputation is everything in this business, you can't please everyone, but as long as do your best the rest follows.
Good Luck
Donna